- In 2020, BlockStale launched the first ATM in Nigeria, allowing easy usage of naira for bitcoin transactions.
- Most organizations are implementing Zero-knowledge proof that lets you prove something without disclosing other sensitive information.
- Kenya, Uganda, Zimbabwe, Djibouti and Botswana each have a single Crypto ATM that serves the entire nation.
Africa’s web3 community is constantly rising with each new development. Despite having a rough 2022, Africa’s crypto ecosystem is steadily regaining momentum while the blockchain adoption rate is at an all-time high especially given the sudden increase in Blockchain technology. Although when zooming out the lens, we can see that Africa’s crypto industry is slowly progressing. This problem stems from the basic concept that only a select few countries dominate Africa’s decentralized network. This begs the question; where are we missing it as a continent, and how can we expand on the right things like our crypto infrastructure?
The primary cause of this low adoption rate is the unawareness that cuts across the entire African ecosystem. Another reason may be the need for more crypto infrastructure in Africa. Indeed at times, the practical application offers the best experience rather than theory. Thus to create a more conducive environment for crypto adoption in Africa, we must first establish a proper crypto infrastructure that would match its high rate.
What kind of Crypto Infrastructure in Africa is needed
The African crypto industry has seen its fair share of improvements. With the massive move to create more blockchain developers within the continent, it is only a matter of time before revolutionary concepts emerge in light of building Africa’s decentralized network.
There needs to be more consensus on which infrastructure to build or improve. With the current state of crypto infrastructure in Africa, there is room for improvement as its crypto ecosystem steadily regains its former glory.
Improving crypto infrastructure in Africa will ultimately improve its accessibility and scalability, especially given its compatibility with blockchain technology. Here are some of the existing crypto infrastructures that may require some improvement. Addressing them will likely improve the crypto adoption rate in Africa.
Establishment of crypto ATMs
Crypto ATMs, commonly known as Bitcoin ATMs, are typically similar to traditional ATMs. The difference comes in the kind of currency the process. With the concept of Africa’s web3 community steadily taking root, it soon became apparent that digital currency was here to stay. From building Africa’s decentralized network to establishing our own VR, installing Bitcoin ATM was one of Africa’s most significant steps. They can help crypto traders make blockchain-based transactions and convert physical cash into Bitcoin.It works under the same principles ordinary ATMs work, where you usually enter your Bitcoin wallet address instead of placing your credit or debit card. After that, you input cash and reive Bitcoins. This gives Africa’s web3 community a physical touch and brings the concept of digital currency closer to the crypto trader.
Existing crypto ATMs
There are few Bitcoin ATMs in Africa, sparely distributed throughout the continent.
In 2020, BlockStale launched the first ATM in Nigeria, allowing easy usage of naira for bitcoin transactions. The ATM is located in Lagos and has significantly served the country over the past two years and contributed to its crypto adoption rate immensely.
Kenya, Uganda, Zimbabwe, Djibouti and Botswana each have a single Crypto ATM that serves the entire nation.
South Africa reigns in this category since it has 18 active cryptos ATMS.
- Johannesburg hosts three bitcoin ATMs; two are in the Sandton area, and the other is at Cube, Bryanston.
- Cape Town has four active Bitcoin ATMS at the time of writing. Two are at Whale Street, and the either two are at Ankerpay.
- Durban hosts six Bitcoin ATMs. They are, however, primarily spread out through; Hillcrest Corner Mall, WaterCrest Mall, Westville Mall, Umlazi Mega City and the Musgrave Centre.
- The last three Bitcoin ATMs are Pietermaritzburg, Port Elizabeth, and Stellenbosch.
Unfortunately, let not the achievements of South Africa deter your mindset. Despite Africa’s attempts at introducing more crypto ATMs, it still needs to catch up. The standard number of crypto ATMs in continents should be at least 100, and given the sheer scale and size of Africa should set its aim at 200. By adding crypto ATMs, Africa’s crypto addition rate would significantly improve. The concept of showing the locals that crypto is confirmed through the practical implementation of an ATM builds trust among users and can generally build e confidence in Afrca’s web3 community.
One of the first concepts taught in the crypto ecosystem is to know where to store your crypto assets. A trustworthy crypto or decentralized wallet ensures that your crypto coins are safe. The crypto industry suffers from scammers and individuals trying to steal the hard-earned earning of familiar crypto traders.
Also, Read the Driving force behind South Africa’s crypto adoption rate.
Take a prime and more recent example of the FTX crash. Multiple African traders had their lifesaving placed within FTX. In hindsight, FTX has built its reputation and, for a time, was considered a titan amongst other cooperates like Binance.
These four have survived each significant low point within the crypto industry and have built quite a reputation as a crypto exchange. If blockchain developers were to develop secret crypto wallets that originated from Africa to cater to the common problems within its web3 community, it would have lasting effects.
In a previous article, we discussed how private and Blockchain technology do not mix. An opportunity is to be made through this dilemma since once privacy can fully integrate into building Afica’s decentralized network, many organizations and individuals will flood into its doorstep to acquire this new-found technology. Currently, no Afrcian-based crypto exchanges are focusing on crypto privacy.Currently, most organizations are implementing Zero-knowledge proof that lets you prove something without disclosing other sensitive information. Incorporating this blockchain technology into a decentralized network would curb redefining the entire meaning of decentralization. In addition, it acts as a form of approval towards companies and organizations. Think of it as a form of identification that lets the crypto user know they can trust the application despite not knowing more revealing too much information.
Web3 Social Infrastucture
Its social platform is a detrimental crypto infrastructure in Africa that needs to be improved. As Africa’sweb3 community grows, so does the number of interested users. Information is power, and to increase the crypto adoption rate and blockchain technology in Africa, we have to focus on more Web3 social platforms.Currently, mainstream Web3 social media adoption is still in process. Companies such as Web3Africa.news are among the first of their kind. We here often contribute and advocate for the growth of Africa’s web3 community, but doing it alone may be challenging. Establishing a social platform like Twitter will enable news to travel faster and broaden cryptocurrency’s usability. How would it affect the global crypto adoption rate if an organization such as Facebook were to introduce its cryptocurrency?
Web3 will experience a rapidly increasing rate; thus, having a web3 social platform dedicated to building Afuca’s decentralized network is crucial.
Despite the low crypto infrastructure in Africa, its adoption rate still steadily increases. This indicated that alone, Africa could propel itself to greater heights. Focusing more on providing adequate means will lead to developing and building Africa’s decentralized network. We may achieve complete Web3 adoption before the rest of the world.